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Driving Innovation in Opto Semiconductors: Global Market Report 2024
Opto Semiconductors Global Market
According to The Business Research Company's, The opto semiconductors market size has grown rapidly in recent years. It will grow from $53.27 billion in 2023 to $59.99 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to infrared technology development, early led innovations, semiconductor laser origins, optical communication beginnings, photodetector improvements.
The opto semiconductors market size is expected to see rapid growth in the next few years. It will grow to $94.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to environmental sensing and monitoring, aerospace and defense applications, smart lighting and displays, augmented and virtual reality adoption, renewable energy expansion. Major trends in the forecast period include rise in optical sensing solutions, advances in display technologies, hyperspectral imaging development, biomedical optics and imaging, smart cities and iot expansion.
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Market Drivers and Trends:
The growing demand for fiber-optic communication is expected to propel the growth of the optoelectronic semiconductors market. Fiber-optic communication is a method of sending data from one location to another using light rather than electricity. Light modulators are used in fiber optic communication to transport data to their destination. The use of optoelectronic semiconductors is expanding as a result of fiber-optic communication. Semiconductor fiber optic technology enables data to be transported across great distances without the need for intermediate processing stages, resulting in speedier data communication. For instance, in April 2022, according to BT-PON, a China-based fiber optical equipment and FTTX solutions company, the fiber optic cable manufacturer's revenue in the first half of 2021 totaled $40.118 billion, up from $34.716 billion in 2020. Therefore, the growing demand for fiber-optic communication is driving the growth of the optoelectronic semiconductor market.
Technological advancements are a key trend gaining popularity in the optoelectronic semiconductors market. Major companies operating in the optoelectronic semiconductor market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Ams Osram, a Germany-based producer of optical solutions, launched the TOPLED D5140, SFH 2202, a new photodiode for wearable health trackers and medical diagnostics devices. It performs better than current conventional photodiodes, including increased sensitivity to green visible light and linearity. In the infrared (IR) spectrum, the TOPLED D5140 and SFH 2202 outperform conventional photodiodes by 30. The photoplethysmography (PPG) technique, which records the peaks and troughs of light absorption by blood vessels, also demonstrates increased sensitivity in the laboratory at the green wavelength employed for heart rate assessment. The TOPLED D5140, SFH 2202, enclosed in a specially designed container with black sidewalls, considerably lowers optical measuring errors and increases the stability of heart rate readings by minimizing internal crosstalk.
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Major Key Players of the Market:
Jenoptik AG; Epistar Corp.; Vishay Intertechnology Inc.; Osram Opto Semiconductors GmbH; Renesas Electronics Corporation; Nichia Corporation; Toshiba Electronic Devices & Storage Corporation; Mitsubishi Electric Corporation; Rohm Co. Ltd.; Broadcom Inc.; LITE-ON Technology Corporation; TT Electronics PLC; Littelfuse Inc.; Ushio America Inc.; Sharp Corporation; Lumileds Holding B.V.; General Electric Company; Panasonic Corporation; Omnivision Technologies Inc.; Sony Corporation; Koninklijke Philips N.V.; Texas Instruments Inc.; Stanley Electric Co.; Everlight Electronics Co.Ltd.; Cree Inc.; Finisar Corporation; Lumentum Holdings Inc.; Applied Optoelectronics Inc.; II-VI Incorporated; NeoPhotonics Corporation; Accelink Technologies Co.Ltd.; Kingbright Electronic Co. Ltd.; Inphi Corporation; Oclaro Inc.; Emcore Corporation
Opto Semiconductors Market 2024 Key Insights:
• The opto semiconductors market size will grow to $94.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Surging Demand For Fiber-Optic Communication Sparks Growth In The Optoelectronic Semiconductors Market
• Ams Osram Pioneers Technological Advancements In The Optoelectronic Semiconductors Market With Topled D5140, Sfh 2202
• Asia-Pacific was the largest region in the opto semiconductors market in 2023
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